Union Minister for Planning and Finance attends 51st ADB annual, related meetings

Union Minister for Planning and Finance U Kyaw Win attended the 51st Asian Development Bank (ADB) Annual Meeting and related meetings in Manila, the Philippines, from 3 to 6 May.

On 4 May, the union minister attended the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting and discussed the global and regional economic outlook, reflection on the countries and the risks faced by the global economy, selection of policies and arrangements to reduce their effect, ways to maintain stability and promote growth over the medium to long term. Discussions were also held on the ASEAN+3 financial cooperation report that included a report of the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO) and Asian Bond Markets Initiative (ABMI). Views were exchanged by finance ministers and central bank governors on the works conducted by each country and a discussion held to conclude the 21st ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting joint statement.

In addition to this, a discussion on Cambodia, Laos and Myanmar establishing a regional catastrophe risk insurance pool under the Southeast Asia Disaster Risk Insurance Facility with support from Japan, was held, and a joint statement was issued over it.

On 5 May, member countries discussed the ADB strategy set to 2030. The 2017 annual report, modified rules and regulations, 2018 budget, financial resources of the bank, audit report, net profit allocation, and the work process of the committee for the 2018-2019 financial year were discussed, and the chair and vice chair of the Board of Governor for the 2018-2019 financial year were selected during the business session.

ADB’s President Takehiko Nakao attended and delivered an opening speech at the opening ceremony of the 51st ADB Annual Meeting.

The union minister met separately with World Bank Vice President for East Asia and the Pacific Victoria Kwakwa on 4 May, Japan Bank for International Cooperation Senior Managing Director Nobumitsu Hayashi and ADB’s President Takehiko Nakao on 6 May and discussed matters related to providing assistance for the development of Myanmar’s agriculture sector and small and medium enterprises (SMEs), areas of future cooperation and continuing assistance on priority works, implemented in accordance with Myanmar’s economic policy.

Myanmar News Agency

Ref; The Global New Light of Myanmar